Fintech 2026

INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Monic N. Devina, D. Meitiara P. Bakrie and Nesya Ashari, ABNR Counsellors at Law

resents licensed crypto-asset traders, and the Aso- siasi Blockchain Indonesia (ABI), which serves the broader blockchain and Web3 ecosystem, including technology developers and non-exchange crypto- related businesses. While these associations do not exercise regulatory authority, they play an important role in industry co-ordination, advocacy, and the development of best practices, particularly following the transfer of crypto-asset supervision to the OJK. In addition to the associations, the public can also par - ticipate in the review of illegal fintech provider activi - ties by submitting a report to the EIFA Task Force. 2.13 Conjunction of Unregulated and Regulated Products and Services Financial products and services are highly regulated in Indonesia, in the sense that all financial products and services offered should be supervised by either the OJK, Bappebti or the BI. In the fintech sector, not all products and services are yet regulated. This is due to the rapid growth of innovation in digital financial ser - vices and because regulators are still playing catch- up with this development, particularly in formulating regulations that fit products and services offered by fintech players. The OJK and the BI have attempted to address the situation by introducing a regulatory sandbox as a testing mechanism aimed at accommodating all types of fintech products and services, while simultaneously assessing their “fit” with existing regulations; other - wise, new regulations would need to be prepared. This helps create a framework that accommodates innova - tion but also affords adequate protection to the public. For those parts of the fintech industry already regu - lated, such as P2P lending and securities’ crowd - funding, entities engaged in these sectors must be single-purpose companies and will not be permitted to offer products or services beyond those which their licences permit. 2.14 Impact of AML and Sanctions Rules In general, the AML rules are applicable to all com - panies in Indonesia. However, specifically for banks and non-bank financial institutions that also include fintech companies that receive or bridge fund flows

from their customers or users, both the OJK and the BI have stipulated more specific AML rules that should be implemented by fintech companies categorised as non-bank financial institutions. Although unregulated fintech companies are not bound by the AML rules under the BI and the OJK as they have not been recognised as financial ser - vice providers by the laws and regulations, they are expected to adopt the general AML rules. This can be achieved by a business association issuing a policy on AML that is then adopted by the unregulated fintech companies. 2.15 Financial Action Task Force (FATF) Standards Indonesia is a member of the Financial Action Task Force (FATF) and has been adopting FATF standards in the financial service sectors. The OJK, BI, and Bap - pebti have established the regulatory framework to implement the standards through these regulations: • OJK Reg 8; • BI Regulation No 10 of 2024 on Implementation of Anti-Money Laundering, Prevention of Terrorism Funding, and Prevention of Funding for the Prolif - eration of Weapons of Mass Destruction for Parties Regulated and Supervised by Bank Indonesia; and • Bappebti Regulation No 6 of 2019 on Implementa - tion of Anti-Money Laundering and Prevention of Financing of Terrorism Programmes Related to the Administration of the Physical Market of Commodi - ties on Futures Exchanges. The regulators have developed AML supervisory frameworks, including measures to prevent criminals from controlling financial institutions through owner - ship, requiring business actors in financial service sectors to use IT tools, and employing experts to assess AML risks. The OJK also implements financial inclusion as the key AML strategy. 2.16 Reverse Solicitation Indonesian law does not provide a distinction as to the methods of product marketing. No distinction is made between general solicitation, reverse solicitation and an unsolicited approach.

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